WILLIAMSBURG — Williamsburg City Council voted Thursday to allow the issuance of general bonds, bank loans or bond anticipation notes to fund specific capital improvement projects.
The bulk of the $25,750,000 in funds received from the bonds will go to the new police station, with additional funds for other projects like school projects and the library design project as well as to cover the approved budget increase. for the new fire station.
Jimmy Sanderson of Davenport, who financially advises Williamsburg, presented the board with proposals received from several institutions. The recommendation given to the board was for a proposal from M&T Bank for a loan at a fixed interest rate of 3.10%.
In response to council questions about why the city should borrow so much money now instead of waiting for the majority of it to be used later, Sanderson explained that the city will need the money available. before entering into future contracts. projects. If interest rates change, it could cost the city about an additional $60,000 a year to pay off.
In other matters, the council approved the selection of some of the furniture for the new fire station, including desks, chairs and tables. In a presentation to council, acting fire chief Larry Snyder said a team of staff tested several different pieces of furniture in order to come to a decision.
The Board also approved a grant to fund two School Resource Officers within the Williamsburg Police Department. The schools that host officers are Berkeley Middle School and Matthew Whaley Elementary School.
According to Police Chief Sean Dunn, the two officers will be moved from their current roles and the department will hire two new officers to replace them on patrol, increasing their number from 44 to 46 people.
The grant is for four years, with the possibility of extension.
The council also agreed to purchase property to be used for the Workforce Housing Program, which allows people who work for the city to live close to town with an income-based rental rate. It’s designed to entice new employees into the idea that they’ll eventually buy a house with the money they can save from more affordable rent.
The property, which includes two duplex homes on a half-acre property, is located at 4046 Ironbound Road and will cost the city about $285,000.
Sian Wilkerson, [email protected], 757-342-6616